Wednesday 25th June 2014
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Hallenstein Glasson Holdings, the listed clothing chain, said it managed to underpin seasonal sales, with growth of 2 percent in the almost-five months ended June 22, despite a warmer-than-expected winter, which would tend to crimp sales of coats and gloves.
"The company advises that despite the warm winter in Australasia, sales and margin for the group for the period 2 February to 22 June 2014 have remained marginally ahead of the prior corresponding period," it said in a statement. The month of June is tracking 2 percent up on the same month of 2013 and inventory levels "remain well controlled."
Profit for the winter season, though, would show no growth from a year earlier, the company said.
The shares were unchanged at $2.92 and have shed a quarter of their value this year.
The clothing retailer's run-rate numbers come after Warehouse Group, New Zealand's largest listed retailer, cut its forecast for annual earnings because warmer autumn and winter weather is crimping sales and margins of seasonal clothing and home products.
Warehouse, whose shares are down 18 percent this year, said last week it was selling seasonal stock at reduced margins to avoid having too much left at the end of the season, while cutting its full-year earnings guidance.
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